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Thursday, February 20, 2014

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Consumer Price Index, Phoenix – Second Half 2013

Area prices up 0.2 percent over the past six months, up 1.3 percent from a year ago

Prices in the greater Phoenix area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), advanced 0.2 percent in the second half of 2013, the U.S. Bureau of Labor Statistics reported today. (See table A.) Regional Commissioner Richard J. Holden noted that this latest six-month period increase was influenced by higher prices for shelter and electricity and lower prices for gasoline. (Data in this report are not seasonally adjusted. Accordingly, six-month-to-six-month changes may reflect seasonal influences.)

Over the past 12 months, the CPI-U rose 1.3 percent. (See chart 1.) Energy prices decreased 2.4 percent, mainly due to a decrease in the price of gasoline. The index for all items less food and energy advanced 1.8 percent over the year.

Chart 1. Over-the-year percent change in CPI-U, Phoenix, First half of 2010  Second half of 2013

Food

Food prices inched down 0.2 percent in the second half of 2013. (See table 1.) Prices for food away from home edged down 0.1 percent for the past six months, but prices for food at home rose 0.2 percent for the same period.

For the year ending in the second half of 2013, food prices increased 1.9 percent. Prices for food away from home moved up 1.9 percent during the past 12 months, and prices for food at home increased 1.6 percent.

Energy

The energy index declined 0.9 percent since the first half of 2013. Gasoline prices decreased 6.5 percent for the past six months. Partly offsetting the decrease were higher prices for electricity (9.0 percent) and natural gas service (0.4 percent).

Energy prices declined 2.4 percent over the year, strongly influenced by a 5.8 percent decrease in gasoline prices. Within household energy, natural gas service prices decreased 3.0 percent, but electricity prices gained 3.4 percent during the same period.